Tata Steel may increase steel prices marginally
With demand likely to pick up in the automobile and infrastructure sector, steel prices may increase marginally, says a leading private producer Tata Steel.
New Delhi: With demand likely to pick up in the automobile and infrastructure sector, steel prices may increase marginally, says a leading private producer Tata Steel.
"If the demand is good, if the economy improves...then there is a chance of prices marginally going up," Tata Steel Managing Director B Muthuraman said here on Saturday.
"Demand is picking up. I believe that as far as India is concerned it is in good shape. The sectors which are witnessing increase in demand are auto and infrastructure. The large infrastructure projects including the government projects are in full swing," he said.
The company had increased prices of its flat products in select spot markets by Rs 500 to Rs 1,000 a tonne in the first week of August. The company had also increased rates of its long products in April-May by Rs 1,000 a tonne and had also hiked prices of some of its products in June by Rs 500 to Rs 750 a tonne.
Asked about the skin panel supplies to auto industry, Muthuraman said the company is going to ramp up its production.
"We are planning to supply some 50,000 tonnes of skin panels," he said, adding, the company has been supplying to Nano too.
"Tata Motors has many suppliers for which Tata Steel is also one the suppliers," he said.